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T fT&4 4imtq \3c1cftI -'1RlIc T[ fn fe:- "Whether sale of pledged ornaments for consideration falls in the course of trade or business of the bank. It is no dout true that banks have to act on instruction of the borrower. In the present case, we are not concerned with the provision of section 176 of the contract Act, 1872. We are concerned with the definition of the word "sale" under the 1963 act. When a bank sells the pledged ornaments it is not acting as an agent of the borrower even under the 1949 Act. When the bank sells the goods pledged with them they do not act as the agents of the borrower. As pledgees, the banks, acting under section 176 of the contract act, 1872 have a right to sell the goods. That sale is not as agents but that sale is in exercise of the statutory power under the 1949 Act. No doubt the sale is on behalf of the pledgor, however the sale is in exercise of the statutory power (Dy. CCT v. A.R.S) Thirumeninatha Nadar Firm (1968) 21STC 184 (MAD). To the same effect is the judgment of the Punjab and Haryana high court in high channel video v. enclave electronics (1999) 116 ST C 131 (P&I1).Further, on reading the provisions of the 1949 Act, one finds that every bank is required to maintain its balance sheet in form 'A' of the Third schedule quoted above. The prescribe form indicates that non-banking assets acquired by the banks even in satisfaction of claims,are required to declare their holdings. The prescribed form of balance sheet indicates that banks are required to show on the asset side non-banking assets acquired by them in satisfaction of claims. Similary, in form 'B' of the Thired schedule under profit and loss account, banks are required to show income from non-banking assets and profit from sale of such assets.In our view,therefore sale of pledged assets takes place in the course of banking business.Therefore as stated above,the banks in selling the goods pledged to them did not act as agent of the borrowers/pledgors and that their sale was in exercise of statutory power under the 1949 Act.Further in our view it is no dout true that under section 8 of the 1949 Act. banks are .prohibited from trading in goods. However if one reads Section 8 along with the third schedule to the 1949 act it is clear that dealing in non-banking assets is a banking business and the expection made in section 8 which allows banks to realize security and which allows banks to engage in trade in order to realise security, falls within the banking whenever undertaken. When a pledged article is old in an auction, the bank recovers not only its dues but also recovers interests and its other charges.This realisation falls within the parameters of the Third schedule to the 1949 Act. In the circumstances,we are of the view that sale of pledged ornaments falls within the course of banking business under the 1949 Act. In the circumstances, such transactions are taxable under section 2(viii) (q) read with section 5 of the 1963 act. We also find merit in the contention advanced on behalf of the department (the respondents here in) that the very object of the kerela finace act 1998 was to introduce clause (g) in section 2 (viii) in order to get over the judgments of the highcourt which took the view that sale of pledged goods did not fall in the course of banking business. We have quoted clauses (g). That clause makes it very clear that even if the sale of pledged ornaments takes places outside the banking business, the 1963 act would cover even such transaction. Therefore once such transaction fall under said 1963 act.banks become "dealers" and they are liable to pay sales tax under the said 1963 Act. It is true that the definition of the word "sale" under section 2(xxi) of the 1963 act does include mortgage,hypothecation.charge or pledge, however the important point to be noted is that the definition of the word "sale" under the 1963 act is not the same as under section A

Ic1I ........................9

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2(xxi) in the 1963 act is very similar to section 2(g) of the central sales tax Act,1956 which is held to be having a very wide meaning as compared to the definition of the word "sale" in section 4 of the sale of goods Act, 1930 (State of Maharastra v. Embee Corp. (1997) 7SCC 190). Further when charges or pledge is enforces that enforcement is by way of sale of the pledged or hypothecated goods; that sale is for consideration and, therefore, it falls within the ambit of section 2(xxi) of the 1963 act."

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"We are accordingly of the view that the intention of the appellants in obtaining the higher purchase and the allied agreements was to secure the returned of loan advanced to their customers, and No real sale of the vehicle was intended by the customer to the appellant."

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16. 2010 NTN (Vol.44)-368 [WEST BENGAL TAXATION TRIBUNAL] ICICI bank ltd. v/s Joint commissioner,sales tax, central section Kolkata and others

"Dealer - definition scope of - banking companies as well as non-Banking

finance companies are dealer under section 2(11)-baning companies as well as non banking finance companies are dealers under section 2(11) of West Bengtal Value Added tax 2003 and are liable to pay tax on the sale of hypothecated goods/vehicles for satisfaction of calims under the Hypothecation agrrement.

Whether banking companies/Non banking companies are dealer under section 2(11) of west Bengal value added tax 2003 and liable to tax when have sold the pledged goods though for satisfaction of their claim" 17.

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of explanation of assessee as not acceptable does not attract penalty-

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I1Idk t:— "So far as the question of penalty is concerned the items which were not included in the turnover were found incorporated in the appellant's account books, where certain items which are not included in the turnover are disclosed in the dealer's own account books and the assessing authorities includes these items in the dealers' turnovers disallowing the exemption penalty cannot be imposed. The penalty levied stands set aside."

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